What counts as a purchase on an interest free credit card?
-What counts as a purchase depends on your credit card provider. However, a purchase is generally anything you can buy in a shop or online. Some impose a lot of restrictions, and others are more relaxed, but most card providers won’t classify a cash withdrawal or transactions made abroad as a purchase for the purposes of the interest free period. Check with your provider before using your card for any non-standard transactions.
What happens once the 0% period is over?
+Once the 0% period is over, any remaining balance from the interest free period will start to accrue interest. This is why it is a good idea to pay off any balance before the interest free period ends.
Will all my transactions be interest free on a 0% purchase credit card?
+As long as your purchases are within the interest free period for purchases, and they are classed as purchases by the card provider, they should be interest free for the promotional term. However, if you fail to make a repayment on time, you can lose the interest free period, so make sure that you always keep up repayments.
Do I need to make repayments?
+It is important that you make your monthly repayments on time every month, as failure to keep up repayments can have severe consequences on your credit rating, making it very difficult to obtain credit in the future. If you are unsure that you will be able to keep up with repayments, you should think very carefully before applying for any form of credit.
Does purchase protection apply to zero interest credit cards?
+Yes, your rights under Section 75 of the Consumer Credit Act are unaffected by interest free periods. However, this is only applicable to qualifying purchases of £100 or more. If in doubt, get in touch with your credit card provider.
What is a frequent flyer credit card?
+These cards are a type of rewards credit card that allow you to earn points on your everyday spending that can then be redeemed for flights and other experiences.
What do American Express credit cards do?
+American Express credit cards offer the same base level functions that Visa and MasterCard do. For example, you can make purchases in retail outlets and online, although not all accept Amex card (American Express Card) payments. Many Amex cards offer limited-time incentives, such as cash back or points. However, some also charge fees just for having the card, as well as having generally higher interest rates than Visa and MasterCard credit cards.